SPRINGFIELD, Mo., Oct. 17, 2019 (GLOBE NEWSWIRE) —CEO Comments“We are excited to have achieved a significant milestone in the 106-year history of the Company by surpassing one billion dollars in assets during the most recently completed quarter. In 2015, we implemented a corporate strategy that focused on the modernization of our facilities, expanding our footprint and improving our financial position while continuing to provide exemplary customer service. We were confident that these priorities would make the Bank stronger from a financial standpoint and would result in the growth we are witnessing today. Nearly every financial aspect of the Company is achieving unprecedented results, specifically in the areas of profitability, asset quality and liquidity. To demonstrate this level of performance in the current interest rate environment is a testament to the hard work and dedication from each level of the organization. For our shareholders, we continue to proactively repurchase shares as they become available in the open market. In 2019, we have repurchased 2.3% of outstanding shares as we feel the stock is trading below its intrinsic value. Along with other growth initiatives in place, the repurchases will allow us to return more capital to shareholders while putting excess cash to work. We enter the final quarter of 2019 in a position to see continued growth and returns and I look forward to sharing our full year success in early 2020.” – Shaun A. Burke, President and Chief Executive Officer2019 Third Quarter HighlightsThe Company surpassed one billion dollars in total assets primarily led by significant growth in core deposits.Subordinated debentures acquired during the 2018 Hometown Bancshares merger were fully redeemed. This will reduce annual interest expense amounts by approximately $200,000.90,268 shares of common stock were repurchased by the Company at an average price of $23.84.The Company’s diluted earnings per share increased to $0.57 compared to $0.54 for the second quarter of 2019 (6% increase).Results of Operations – Third quarter ended September 30, 2019 versus the same quarter in 2018Net income available to common shareholders for the quarter was $2,551,000 as compared to $3,934,000 in the same quarter of 2018 for a change of ($1,383,000) or (35%). Diluted earnings per common share was $0.57 for the quarter as compared to $0.88 during the third quarter of 2018.For comparison purposes, the third quarter of 2018 results and ratios below were positively impacted by $2,651,000 of loan accretion income related to the unanticipated payoff of loans acquired in the Hometown merger.Return on Average Assets normalized to 1.01% from 1.64%. Return on Average Equity decreased to 12.09% from 20.26%. Efficiency ratio moved to 69.12% from 54.68%.Net interest margin decreased 131 basis points to 3.46%.Financial Condition – September 30, 2019 versus December 31, 2018Total assets increased $51.2 million (5%) to $1.016 billion.Total cash and investments increased $72.4 million (60%).Total gross loans decreased $35.3 million (4%).Total deposits increased $90.4 million (12%). Loan to deposit ratio changed from 105% to 90%.Stockholders’ equity increased by $3.2 million (4%). Nonperforming assets decreased by $2.9 million (21%).Select Quarterly Financial DataBelow are selected financial results for the Company’s third quarter of 2019, compared to the second quarter of 2019 and the third quarter of 2018.
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